The opportunity cost of an action is equal to:
a. only the monetary payment the action required
b. the total time spent by all parties in carrying out the action.
c. the highest valued opportunity that must be sacrificed in order to take the action.
d. the value of all of the alternative actions that could have been taken.
c
Economics
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According to this Application, economists have found that the fiscal multiplier is ________ during slack times
A) sometimes larger B) always larger C) always smaller D) none of the above
Economics
In the diagram to the right, point A provides the ______, point B the ______, and point C the ______.
A. market clearing price; equilibrium point; shortage B. equilibrium price; market equilibrium' surplus C. equilibrium price; market equilibrium; equilibrium quantity D. equilibrium price; surplus or shortage; equilibrium quantity
Economics